Business News

Energy markets help boost Norway's Aker Kvaerner profits

Feb 13, 2007, 9:43 GMT

Oslo - Demand on global energy markets helped boost turnover and net profits for Norwegian engineering and construction services provider Aker Kvaerner, the group said Tuesday when it posted its results for full-year 2006. Net profits were 1.29 billion kroner (206 million dollars), up from 1 billion kroner for 2005. Turnover increased 37 per cent to 50.59 billion kroner (8.09 billion dollars). For the fourth quarter of 2006, turnover increased 28 per cent to 15.3 billion kroner (2.4 billion dollars). The group said its order backlog at year-end was worth 59.7 billion kroner (9.5 billion dollars), up 23 per cent on 2005. Aker Kvaerner's principal business areas are engineering and construction, and oil and gas. It also has activities in refining and chemicals, mining and metals, pharmaceuticals and biotechnology, and power generation. After approval from competition authorities concerning the sale of its pulp and paper division to Finland's Metso, Aker Kvaerner said the deal generated a net cash effect of 2.6 billion kroner (416 million dollars). In its outlook for 2007, the group said it expected to benefit from 'opportunities in markets like India, Malaysia, West Africa and the Caspian Sea.' In addition, 'growth in energy demand is expected to continue, at the same time as the depletion of fields increases' while growth in Asia would drive the petrochemical and metals market, the group said. © 2007 dpa - Deutsche Presse-Agentur

Business News

Energy markets help boost Norway's Aker Kvaerner profits

On the Web

Your Talkback on this Story

Similar articles

Latest Headlines in Business

Older Talkback

Like M&C on Facebook

Viral Web

In Monsters and Critics

Corporate

The Fine Print